Data shows the Ethereum perpetual futures volume dominance has set a new all-time high relative to Bitcoin, a sign of elevated speculative interest in altcoins.
As displayed in the above graph, Ethereum overtook Bitcoin in perpetual futures volume a while ago, indicating that speculators shifted their attention from BTC to ETH.
The two have only continued to diverge since then, meaning that trader interest in the coin ranked number two by market cap is only going up. Following the latest continuation to the increase, the ETH perpetual futures volume dominance has reached the 67% mark, which is a new all-time high (ATH).
The analytics firm explains,
Over the years, Ethereum has generally been considered a bellweather asset, with periods of its out-performance usually correlated with broader a “altseason” phase in the digital asset market.
Here is a chart that shows how ETH’s dominance of this metric has changed relative to BTC over the past few years:
As is visible in the above graph, the Ethereum perpetual futures Open Interest dominance has climbed to 43.3% recently. Bitcoin remains dominant with the metric sitting at 56.7%, but compared to earlier in the year, the difference is a lot closer.
In terms of the futures sector as a whole, the combined Open Interest across major altcoins (Ethereum, Solana, XRP, and Dogecoin) set a new ATH of $60.2 billion recently.
Though, this high couldn’t last, as the indicator suffered a sharp $2.6 billion drawdown soon after. This drop in the Open Interest of the major altcoins is the tenth largest on record. The report notes,
These rapid fluctuations underscore that altcoins are currently drawing a significant amount of investor attention, and have meaningfully contributed to heightened reflexivity and fragility across digital asset markets.
At the time of writing, Ethereum is floating around $4,200, down almost 7% in the last seven days.
